NEW YORK (TheStreet) -- Noodles & Co (NDLS) is plummeting in extended trading after missing expectations in its fourth quarter.
After the bell, shares had tanked 7.8% to $36.48. The stock added 7.9% over the regular trading session.
The fast-casual restaurant chain recorded adjusted net income of $3.5 million, or 11 cents a share, in the three months to December. Profits were 65.9% higher than a year earlier but missed consensus of $3.7 million, or 12 cents a share, according to analysts surveyed by Thomson Reuters.
Total sales grew 17.4% to $91.5 million, short expectations by $1.1 million. Comparable restaurant sales increased 4.3% for company-owned restaurants and 3.9% for system-wide sales.
The company warned of lower sales in the current quarter ending March, estimating that 30% of operating days so far had seen either rain or temperatures at least 20 degrees below normal.
"We have faced an unusual amount of severe winter weather during the first quarter to date. Nearly 80% of our restaurants are located in areas severely impacted by atypical weather, including the Mid-Atlantic, Upper Midwest and Rocky Mountain West," said CEO Kevin Reddy in a statement.
As a result, management anticipates a 300 to 350 basis points negative impact to revenue and a 3-cent impact to diluted EPS for its first quarter.
For fiscal 2014, the company expects comparable restaurant sales growth of 2.5% to 3% and revenue between $406 million and $412 million. Adjusted earnings are forecast to grow 25%, assuming net income of around 50 cents a share.
Analysts had anticipated full-year 2014 revenue of $409.5 million and earnings of 55 cents a share.
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